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State regulation in the oil and gas sector in 2011 and prospects for 2012

State regulation in the oil and gas sector in 2011 and prospects for 2012

The year 2011 turned out to be rather contradictory for the oil and gas industry. On one side, preliminary results of basic parameters seem quite satisfactory. On the other side, the depletion of oil production growth potential is becoming more obvious.

Prime Minister Vladimir Putin several times mentioned that the oil industry reached its peak. This was described as an ordinary event, although in reality it reflects recognition of strategic mistakes once made.

In 2011 the trend of gradual shift in investment activities of Russian companies towards upstream-projects abroad became vivid. The problem of offsetting declining production in Western Siberia is becoming more apparent.

Eastern Siberian and shelf projects may fail to comply with forecasted parameters. The state is carried away by creation of the export infrastructure as if ignoring problems accumulating in the production segment.

Meanwhile, the government’s general mood of dealing with the state budget’s dependence on exports of hydrocarbons remains, while the demand for financial resources for state authorities is rising amid a sharply deteriorated political situation. These resources can be provided only by the oil and gas industry. Being trapped it currently urgently needs investments and state regulation incentives. Yet, the sector is needed as a cash cow only.

A new report elaborates on the following issues:

  • Production results of the oil and gas industry

    • Dynamics of oil and gas production
    • Main changes in export policies
    • Situation in geological prospecting
  • Taxation

    • Analysis of the new 60-66-90 system
    • Continuation of the “patchwork” fiscal policy
  • Struggle for assets

    • One of the most important consequences of changes in the political situation will be sharpening of struggle for undistributed assets, including deposits in the undistributed reserve
  • Domestic fuel market

    • The year has been characterized by constant interruption of fuel supplies and growth in prices of crude and processed products
    • Main reasons and real tasks of the state and large companies
  • Medium-term forecast of developments

    taking into account the future formation of a new system of state regulation of the sector and growing state problems

The contents of the report:

Introduction 3
Chapter 1. Preliminary Production Results 5
Chapter 2. Domestic Fuel Market 21
  2.1. ÂReasons for Petrol Deficit and Growth in Prices of Oil Products 21
  2.2. Domestic Gas Market: Struggle for Equal Profitability 32
Chapter 3. Taxation Regulation of the Sector 36
Chapter 4. Struggle for Production 51
Chapter 5. Changes in Export Policies 66
Chapter 6. Prospects of Developments 73
Date of issue: January 23, 2012


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